01 November 2011

GMS weekly report on PAKISTAN shipbreaking industry for WEEK 43 of 2011:

  • Failing to push home advantage
  • STX two strike gold!
Tentative Talkin’!

As the number one ranked market for the second week running the overall reluctance for Pakistani buyers to offer any price at all in fear of further market falls was quite astounding.

Never usually ones to set the pace and fearful that their Indian counterparts would open post Diwali with a weaker market; the overall market sentiment was once again tentative and hesitant.

There were several market sales to report though, as the much circulated Korean owned STX Panocean bulkers were finally sold for region USD 512/LT LDT enbloc to Gadani buyers with guaranteed excess of 650 T bunkers between them.

Another week of underperforming before Eid begins could mean a dry period ahead for Pakistan buyers especially with Indian emerging from Diwali holidays on Monday.

Source: Steel Guru (Sourced from GMS Weekly). 1 November 2011

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